Fortune Business Insights (FBI) has released a new report on the voice and speech recognition market, projecting that the market will grow from $6.89 billion to $28.34 billion between 2018 and 2026. The market is expected to display a CAGR of 19.8 percent during that period.
FBI credits a number of different factors for the expected growth, stressing the broad utility of voice recognition at the enterprise level. The technology enables voice control for a range of industrial and consumer IoT devices, including smartphones, smart cars, and smart speakers. A transcription engine can also be used to convert audio files to a more useable data format.
The numbers are not too far removed from an earlier Grand View report that pegged the same market at $31.82 billion by 2025. The results complement a separate FBI report that forecasted even more dramatic gains for the IoT industry as a whole, especially when considering the rising popularity of IoT devices with hands-free voice commands.
FBI identified Nuance Communications as one of the leading players in the voice and speech recognition field, thanks in large part to its pioneering Dragon Drive system. Other highlighted companies include Auraya, Sensory, and Neurotechnology, in addition to tech titans like Amazon, Apple, Facebook, Google, and Microsoft.
(Originally posted on Mobile ID World)
Voice recognition, also commonly referred to a voiceprint, is the identification and authentication arm of the vocal modalities. By measuring the sounds a user makes while speaking, voice recognition software can measure the unique biological factors that, combined, produce her voice. Voiceprints can be measured passively as a user speaks naturally in conversation, or actively, if she is made to speak a passphrase. The key is that true voice recognition measures the minutia of the voice, and is not wholly dependent on a spoken code or passphrase (though spoken passphrases can be used to speed up the process, they are not necessary). Learn more on FindBiometrics’ Voice and Speech Recognition page.